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Share Name | Share Symbol | Market | Type |
---|---|---|---|
InterXion Holding NV | NYSE:INXN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 77.41 | 0 | 01:00:00 |
Interxion Holding NV (INXN:NYSE), a leading European provider of carrier-neutral colocation data centre services, announced its results today for the three months ended 31 March 2011.
Highlights
“The first quarter of 2011 was Interxion’s 18th consecutive quarter of sequential quarterly growth in revenue and Adjusted EBITDA,” said Chief Executive Officer David Ruberg. “These results are in line with our plans and attributable to the execution of our market segmentation strategy and providing our targeted communities of interest with the excellent products and quality of service that they require.”
Quarterly Highlights
Revenue for the first quarter was €57.9 million, a 21% increase over the first quarter of 2010 and a 4.2% increase from the fourth quarter 2010. Recurring revenue was 94% of total revenue.
Cost of sales for the first quarter increased by 14% to €24.8 million, leading to an increased gross profit margin of 57.2%. Sales and marketing costs in the first quarter were €4.2 million, up 27% as a result of our continued investment in the company’s market segmentation strategy. General and administrative costs, excluding depreciation, amortisation, exceptional general and administrative costs, and share-based payments of €6.7 million, increased by 27% and were adversely impacted by the onset of public company costs. Depreciation and amortisation increased by 19% to €8.5 million.
Net financing costs were €6.6 million, down from €13.5 million in the first quarter 2010. First quarter 2010 costs included a non-recurring charge of €10.2 million related to the debt refinancing in February 2010.
Adjusted EBITDA was €22.2 million, up 27% year over year. Adjusted EBITDA margin expanded to 38.4% as the company’s increased scale provided greater operating leverage.
Net profit was €2.8 million in the first quarter 2011.
Cash generated from operations, defined as cash generated from operating activities before interest and tax payments and receipts, was €20.7 million. Net cash used in investing activities was €19.5 million, including €19.1 million of capital expenditures. Cash generated from financing activities was €141.4 million, reflecting the proceeds from the IPO.
Cash and equivalents were €229.3 million, up from €99.1 million at year end.
Equipped space at the end of the period was 61,000 square metres. Utilisation rate, the ratio of revenue-generating space to equipped space, was 73%, up from 72% in the first quarter 2010.
Business Outlook
The company’s outlook for 2011 is reaffirmed:
Revenue €239 million - €245 million Adjusted EBITDA €91 million - €95 million Capital Expenditures €140 million - €160 millionConference Call to Discuss Results
The Company will host a conference call at 8:30 a.m. EDT (1:30 p.m. BST) on 17 May to discuss the results.
To participate on this call, U.S. callers may dial toll free 1-866-926-5708; callers outside the U.S. may dial direct +44 (0) 1452 560 304. The conference ID for this call is 66158917. This event also will be webcast live over the Internet in listen-only mode at investors.interxion.com.
A replay of this call will be available shortly after the call concludes and will be available through 23 May. To access the replay, U.S. callers may dial toll free 1-866-247-4222; callers outside the U.S. may dial direct +44 (0) 1452 55 00 00. The replay access number is 66158917#.
-ends-
Forward Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, the difficulty of reducing operating expenses in the short term, inability to utilise the capacity of newly planned data centres and data centre expansions, significant competition, the cost and supply of electrical power, data centre industry over-capacity, performance under service level agreements and other risks described from time to time in Interxion's filings with the Securities and Exchange Commission. Interxion does not assume any obligation to update the forward-looking information contained in this press release.
Adjusted EBITDA
EBITDA is defined as operating profit plus depreciation, amortisation and impairment of assets. We define Adjusted EBITDA as EBITDA adjusted to exclude share-based payments and exceptional and non-recurring items, and to include share of profits (losses) of non-group companies. We present EBITDA and Adjusted EBITDA as additional information because we understand that they are measures used by certain investors and because they are used in our financial covenants in our €50 million revolving credit facility and €260 million 9.50% Senior Secured Notes due 2017. However, other companies may present EBITDA and Adjusted EBITDA differently than we do. EBITDA and Adjusted EBITDA are not measures of financial performance under IFRS and should not be considered as an alternative to operating profit or as a measure of liquidity or an alternative to net income as indicators of our operating performance or any other measure of performance derived in accordance with IFRS.
A reconciliation of Adjusted EBITDA to operating profit is provided in the Notes to the Consolidated Income Statement: Group Metrics.
About Interxion
Interxion (NYSE: INXN) is a leading provider of carrier-neutral colocation data centre services in Europe, serving over 1,200 customers through 28 data centres in 11 European countries. Interxion’s uniformly designed, energy-efficient data centres offer customers extensive security and uptime for their mission-critical applications. With connectivity provided by 350 carriers and ISPs and 20 European Internet exchanges across its footprint, Interxion has created content and connectivity hubs that foster growing customer communities of interest. For more information, please visit www.interxion.com.
INTERXION HOLDING NVCONSOLIDATED INCOME STATEMENTS'(in €'000 - except per share data and where stated otherwise)(unaudited)
Three Months Ended 31-Mar 31-Mar 2011 2010 Revenue 57,892 47,815Cost of sales
(24,780 ) (21,773 ) Gross profit 33,112 26,042Other income
127 108Sales and marketing costs
(4,212 ) (3,325 )General and administrative costs
(17,299 ) (12,833 ) Operating profit 11,728 9,992Finance income
513 79Finance expense
(7,101 ) (13,558 ) Profit before taxation 5,140 (3,487 )Income tax (expense) / benefit
(2,332 ) (1,247 ) Net profit 2,808 (4,734 ) Basic earnings per share: (€) (i) 0.05 (0.11 ) Diluted earnings per share: (€) (i) 0.05 (0.10 )Number of shares outstanding at the end of the period (shares in thousands)
65,577 44,351Weighted average number of shares for Basic EPS (shares in thousands)
59,146 44,351Weighted average number of shares for Diluted EPS (shares in thousands)
61,477 47,567(i) Number of shares have been adjusted to take account of the 1 for 5 reverse stock split which took place on 2 February 2011.
INTERXION HOLDING NVNOTES TO CONSOLIDATED INCOME STATEMENT: SEGMENT INFORMATION'(in €'000 - except where stated otherwise)(unaudited)
Three Months Ended 31-Mar 31-Mar 2011 2010Consolidated
Recurring revenue
54,142 44,729Non-recurring Revenue
3,750 3,086Revenue
57,892 47,815 Adjusted EBITDA 22,210 17,444 Gross Margin 57.2 % 54.5 % Adjusted EBITDA Margin 38.4 % 36.5 % Total assets 692,175 452,260 Total liabilities 392,682 321,705 Capital expenditures (iv) (19,124 ) (28,650 ) Depreciation and amortization (8,526 ) (7,187 )France, Germany, Netherlands, and UK
Recurring revenue
32,245 26,482Non-recurring Revenue
2,427 2,038 Revenue 34,672 28,520 Adjusted EBITDA 16,779 12,687 Gross Margin 58.5 % 54.4 % Adjusted EBITDA Margin 48.4 % 44.5 % Total assets 298,005 241,947 Total liabilities 88,922 108,078 Capital expenditures (iv) (12,340 ) (15,639 ) Depreciation and amortization (5,146 ) (4,511 )Rest of Europe
Recurring revenue
21,897 18,247Non-recurring Revenue
1,323 1,048 Revenue 23,220 19,295 Adjusted EBITDA 12,102 9,768 Gross Margin 61.1 % 60.2 % Adjusted EBITDA Margin 52.1 % 50.6 % Total assets 152,566 136,455 Total liabilities 35,768 50,749 Capital expenditures (iv) (6,264 ) (12,213 ) Depreciation and amortization (2,998 ) (2,368 )Corporate and Other
Adjusted EBITDA (6,671 ) (5,011 ) Total assets 241,604 73,858 Total liabilities 267,992 162,878 Capital expenditures (iv) (520 ) (798 ) Depreciation and amortization (382 ) (308 )(iv) Capital expenditures represent payments to acquire tangible fixed assets as recorded in the consolidated statement of cash flows as' "Purchase of property, plant and equipment".
INTERXION HOLDING NVNOTES TO CONSOLIDATED INCOME STATEMENT: GROUP METRICS'(in €'000 - except where stated otherwise)(unaudited)
Three Months Ended 31-Mar 31-Mar 2011 20101. Reconciliation of adjusted EBITDA
Adjusted EBITDA 22,210 17,444Income from subleases on unused data centre sites
127 108Exceptional income
127 108(Increase)/decrease in provision for onerous lease contracts
(18 ) (108 )IPO transaction costs (v)
(1,725 ) -Share based payments
(340 ) (265 )Exceptional general and adminsitrative costs
(2,083 ) (373 ) EBITDA 20,254 17,179Depreciation and amortization
(8,526 ) (7,187 ) Operating profit 11,728 9,9922. Capacity Metrics
Equiped space (in sqm) 61,000 55,800 Revenue generating space (in sqm) 44,600 40,100 Utilization rate 73 % 72 %(v) The IPO transaction costs represent the write off of the proportion of the IPO costs allocated to the selling shareholders at the Initial Public Offering.
INTERXION HOLDING NVCONSOLIDATED BALANCE SHEET'(in €'000 - except where stated otherwise)(unaudited)
As at 31-Mar 31-Dec 2011 2010 Non-current assetsProperty, plant and equipment
352,541 342,420Intangible assets
6,202 6,005Deferred tax assets
41,738 39,841Other non-current assets
3,538 3,709 404,019 391,975 Current assetsTrade and other current assets
58,897 55,672Cash and cash equivalents
229,259 99,115 288,156 154,787 Total assets 692,175 546,762Shareholders’ equity
Share capital
6,558 4,434Share premium
462,675 321,078Foreign currency translation reserve
2,628 4,933Accumulated deficit
(172,368 ) (175,176 ) 299,493 155,269 Non-current liabilitiesTrade and other liabilities
8,956 7,795Deferred tax liability
1,302 660Provision for onerous lease contracts
12,609 13,260Borrowings
257,534 257,403 280,401 279,118 Current liabilitiesTrade and other liabilities
106,847 106,038Current tax liabilities
661 868Provision for onerous lease contracts
3,087 3,073Borrowings
1,686 2,396 112,281 112,375 Total liabilities 392,682 391,493 Total liabilities and shareholders’ equity 692,175 546,762INTERXION HOLDING NVNOTES TO THE CONSOLIDATED BALANCE SHEET: BORROWINGS'(in €'000 - except where stated otherwise)(unaudited)
As at 31-Mar 31-Dec 2011 20103. Borrowings net of cash and cash equivalents
Cash and cash equivalents (vi) 229,259 99,1159.5% Senior Secured Notes due 2017 (vii)
255,083 254,924Financial Leases
652 765Other Borrowings
3,485 4,110 Borrowings excluding revolving credit facility deferred financing costs 259,220 259,799Revolving credit facility deferred financing costs (viii)
(1,129 ) (1,283 ) Total Borrowings 258,091 258,516 Borrowings net of cash and cash equivalents 28,832 159,401(vi) Cash and cash equivalents includes €4.2 million as of March 31, 2011 and December 31, 2010, which is restricted and held as collateral' to support the issuance of bank guarantees on behalf of a number of subsidiary companies.
(vii) €260 million 9.5% Senior Secured Notes due 2017 include premium on additional issue and are shown after deducting underwriting' discounts and commissions, offering fees and expenses.
(viii) We reported deferred financing costs of €1.1 million in connection with entering into our €50 million revolving credit facility which is' currently undrawn.
INTERXION HOLDING NVCONSOLIDATED STATEMENT OF CASH FLOWS'(in €'000 - except where stated otherwise)(unaudited)
Three Months Ended 31-Mar 31-Mar 2011 2010Profit for the period
2,808 (4,734 )Depreciation and amortization
8,526 7,187IPO transaction costs (ix)
1,725 -Provision for onerous lease contracts
(774 ) (583 )Share-based payments
340 265Net finance expense
6,588 13,479Income tax expense
2,332 1,247 21,545 16,861Movements in trade and other current assets
(7,283 ) 4,935Movements in trade and other liabilities
6,415 2,331 Cash generated from operations 20,677 24,127Interest paid
(12,159 ) (721 )Interest received
271 85Income tax paid
(687 ) (76 ) Net cash flows from operating activities 8,102 23,415 Cash flow from investing activitiesPurchase of property, plant and equipment
(19,124 ) (28,650 )Purchase of intangible assets
(394 ) (357 ) Net cash flows from investing activities (19,518 ) (29,007 ) Cash flow from financing activitiesProceeds from exercised options
2,324 -Proceeds from issuance new shares
143,352 -Repayment of 'Liquidation Price' to former preferred shareholders
(3,055 ) -Proceeds/(repayment) bank facilities
- (159,046 )Proceeds from Senior Secured Notes and RCF
(439 ) 192,015Other Borrowings
(739 ) (1,046 ) Net cash flows from financing activities 141,443 31,923Effect of exchange rate changes on cash
117 145 Net movement in cash and cash equivalents 130,144 26,476Cash and cash equivalents, beginning of period
99,115 32,003 Cash and cash equivalents, end of period 229,259 58,479(ix) The IPO transaction costs represent the write off of the proportion of the IPO costs allocated to the selling shareholders at the Initial Public Offering.
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